by The interventional pain management market consists of various minimally invasive procedures and devices used to treat acute and chronic pain conditions. Procedures such as spinal cord stimulation, neurostimulation and ablation therapy provide relief from pain with minimal complications and reduced recovery time compared to conventional pain management methods.
The global Interventional Pain Management Market is estimated to be valued at US$ 7.49 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
This is prompting a rise in adoption of interventional pain procedures such as radiofrequency ablation and neurostimulation devices globally. These minimally invasive procedures involve insertion of small medical devices or administration of analgesic drugs to targeted sites blocking pain signals with lesser damage to tissues compared to conventional methods. growth in elderly population which is more prone to chronic pain conditions along with growing awareness about advantages of interventional methods over pain killers and opioids are some other key growth drivers for the global interventional pain management market during the forecast period.
SWOT Analysis
Strength: The interventional pain management market offers minimally invasive procedures that allow for faster recovery times and less pain for patients compared to traditional surgical procedures. This is a major strength and driver of growth in the market.
Weakness: A lack of reimbursement coverage for some interventional pain management procedures in certain countries act as a restraint on the market. Further clinical evidence is also still needed to support the long-term effectiveness of some therapies.
Opportunity: An aging global population and rising prevalence of chronic pain disorders present significant opportunities for growth. Untapped potential also exists in expanding the use of interventional pain therapies in developing regions.
Threats: Price pressures from healthcare cost containment measures and uncertainty around the long-term effects of some therapies pose threats to the industry. Increased competition from alternative pain management approaches could threaten market share over time.
Key Takeaways
The Global Interventional Pain Management Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by an aging population, rising disease burden and advancements in minimally invasive therapies.
Regionally the market is dominated by North America currently however Asia Pacific is poised to be the fastest growing region due to expanding access to care, growing medical tourism and economic development in several countries.
Key players operating in the interventional pain management market include Medtronic, Abbott, Stryker, B. Braun Melsungen AG and Boston Scientific Corp. These companies have strong market shares due to their large and diverse pain portfolio as well as global footprint. They are focused on technology advancements like drug-coated balloons and neurological stimulators to drive future growth.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
